Germany - European bank deposit insurance scheme is long-term project

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German Chancellor Angela Merkel and German Finance Minister Olaf Scholz arrive for the weekly cabinet meeting at the Chancellery in Berlin, Germany, June 20, 2018. REUTERS/Hannibal Hanschke

BERLIN (Reuters) - German Finance Minister Olaf Scholz said on Wednesday that a European insurance scheme (EDIS) for bank deposits was a long-term project and the conditions for it did not exist currently.

On Tuesday German Chancellor Angela Merkel and French President Emmanuel Macron agreed to create a budget for the euro zone but they soft-pedalled on the EDIS idea.

Scholz said the euro zone budget was only a small part of the agreement with France. He also defended his idea of a Europe-wide unemployment insurance system to shield workers from mass unemployment during economic crisis.